BCI Broadband Announces Agreement To Purchase James Cable Assets And Closes Allegiance Acquisition
PURCHASE, N.Y., April 4, 2013 /PRNewswire/ -- BCI Broadband (BCI) has executed a definitive agreement to acquire all of the assets of James Cable in a transaction expected to close in mid-2013. BCI today completed the acquisition of the Allegiance cable systems located across the Midwestern states of Arkansas, Kansas, Texas and Oklahoma. The acquisition of the James Cable systems will add to BCI's existing footprint in Oklahoma and Texas and will expand its presence into Louisiana, Tennessee, Georgia, Wyoming and Colorado.
BCI Broadband is a next-generation broadband MSO formed by the executive management team from pioneering cable operator Bresnan Communications in partnership with BBH Capital Partners (BBHCP), a private equity fund sponsored by Brown Brothers Harriman & Co. Led by President and CEO Jeffrey S. DeMond and Andrew Kober, EVP and CFO, the James Cable acquisition is the company's second transaction in BCI's aggressive growth plan that was first announced through the acquisition of certain assets of Allegiance Communications and is expected to continue beyond the anticipated closing of the James Cable transaction later in 2013.
"BCI Broadband's management team has deep experience managing non-urban cable operations," said Jeff DeMond. "The acquisition of James Cable complements our initial acquisition of Allegiance perfectly and is an essential step in our business plan to build scale within a sensible non-urban footprint as we deliver industry leading products and services to markets that have strong, pent-up demand and room to expand share."
"James Cable has a long history of providing quality service to customers in rural markets across the country," said CEO Kate Adams. "We are proud of the company we have built and are excited about its future with BCI. Their track record of success gives us confidence that our employees, customers and communities will continue to benefit from enhancements in product and service offerings."James Cable currently operates under the brand name Mediastream and is owned by GoldenTree Asset Management LP (GoldenTree), a New York-based asset manager with approximately $17 billion of assets under management. Waller Capital Partners served as the exclusive financial advisor to GoldenTree and James Cable on the transaction. Waller Capital also served as the exclusive financial advisor to Allegiance on its sale to BCI. For additional information please contact:
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts